ALTAF HUSSAIN versus EXECUTIVE DIRECTOR (ENFORCEMENT)
Section 245 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Enforcement of a criminal appeal against a company which requires the preparation and transfer of its quarterly accounts for the relevant period under section 245 (1) of the Companies Ordinance. Was. , Failing to submit the account to the Commission in a timely manner, the company representative imposed a fine of Rs 5,000 on each director of the company under section 245 (3) of the Ordinance, but it has been claimed that This is the result of a default delay. The Company Ordinance, in connection with the finalization of the Company's Annual Accounts of 1984, expressly stated that each listed company would transfer its quarterly accounts, whether they were audited or not, to delay account submission. This cannot be implemented because of. The issue of finalizing the annual account plan could not be decided by the hearing and appellant Ben, as the president was appointed by the High Court, was not enforceable as the company's audience was fined and not the company. And Section 316 of the Companies Ordinance, 1984, did not prohibit proceedings against directors who acted as chief executive / directors of company directors, not paying fines from their resources. From company order treasures.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
